Eni (ENI) Q3 2026 earnings summary

Executive summary

• Q3 pro forma adjusted EBIT was €5.994bn, double YoY; adjusted net profit was €2.801bn, and underlying production rose 7% to 1.83m boe/d.

• 9M adjusted pro forma EBIT was €14.905bn (+59% YoY), adjusted net profit €6.436bn (+70%) and adjusted CFFO €11.634bn.

• Operational growth, portfolio actions and a lower-debt profile supported higher shareholder distributions and strategic investment.

Financial highlights

• Q3 sales from operations were €28.072bn (+39% YoY); reported operating profit was €2.477bn versus €1.344bn.

• Q3 adjusted CFFO before working-capital changes was €4.287bn; 9M adjusted CFFO was €11.634bn.

• Q3 organic capex was €1.345bn; 9M organic capex was €5.06bn, down 14% YoY, and total capex was €5.4bn.

• 9M adjusted EBIT was €9.6bn and income from investments €1.8bn; adjusted pro forma EBIT was €14.9bn.

• Q3 adjusted pre-tax earnings rose to €4.3bn from €2.3bn YoY, supported by higher realizations, favorable volumes and transition business performance.

Outlook and guidance

• FY26 underlying production growth guidance rose to 6–7%, from initial guidance of 3–4%; adjusted CFFO guidance is €16.5bn.

• FY26 GGP pro forma EBIT guidance rose to ~€1.5bn; Enilive adjusted EBITDA guidance is €1.4bn and Plenitude EBITDA guidance is ~€1.2bn.

• FY26 gross/organic capex guidance is €7bn; net capex guidance is below €4.5bn.

• FY26 buyback increased to €3.8bn and an extraordinary €1.3bn dividend (€0.46/share) was approved for December.

• Outlook assumes Brent at $95/bbl, SERM refining margin at $18/bbl and TTF gas at €55/MWh; pro forma gearing is expected at the bottom of the 10–15% guided range.